Fairmont General Hospital Files for Chapter 11 Backruptcy
Written by Lindsey Watson
Last updated on September 04, 2013 @ 12:28PM
Created on September 03, 2013 @ 7:13PM
Just five days after announcing that they would be filing for Chapter 11 bankruptcy protection, Fairmont General Hospital has taken the next step in that process.
According to the Associated Press, Fairmont General Hospital lists roughly equal amounts of debt and assets in its Chapter 11 bankruptcy filing as it enters a reorganization process expected to take about a year. Health benefits and pensions with its two unions are key concerns.
Service Employees International Union District 1199 represents about 300 workers while Local 550 represents about 170.
The filing late Tuesday in U.S. Bankruptcy Court in Wheeling shows that Fairmont General has $10 million to $50 million in both assets and liabilities.
WesBanco Trust and Investment Services of Wheeling is its single largest creditor, owed more than $12 million for bonds. Several others are owed more than $1 million.
Hospital officials told 5 News they felt that filing for bankruptcy protection would be the best way to move the hospital into the future and remain on the fastest path toward completing a partnership.
They expect the process to be completed within the next 12 months.
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